Summary Most bondholders agreed to debt-swap deals in 2005 and 2010
BUENOS AIRES, Argentina (AP) - Citibank says it s getting out of the businesses of making bond payments for Argentina because of a long legal fight in the United States over the South American country s debt repayment.
The bank said in a Tuesday statement it is making plans to transfer Argentina s debt payments to another entity because of "unprecedented international conflict of laws."
Argentina last week threatened to revoke Citibank s operation license if it refused to process payments to bondholders. The move was ordered by a New York judge presiding over the legal fight between the country and a U.S. investment group.
The dispute stems from Argentina s default in 2001 on $100 billion of debt. Most bondholders agreed to debt-swap deals in 2005 and 2010. But a group of U.S. hedge funds has demanded full payment.
